Mormons and provident living

Outside of the historic Salt Lake Temple in Salt Lake City, Utah.

Last week we began a series of conversations about the role religion plays in some families' financial decisions. We started with an exploration of how Muslims view money management. Today, the Church of Jesus Christ of Latter Day Saints.

Earlier this year on a trip to Park City, Utah, Money host Tess Vigeland sat down to dinner with several members of the Mormon Church. Greg Robinson is a vice president and wealth advisor with Wells Fargo. He's also a nephew of Republican presidential candidate Mitt Romney. His wife, Robin, is an author and educator. Greg Bishop -- yes, two Gregs -- serves as general counsel for a home automation company in Salt Lake City. His wife Christy is a massage therapist. And finally, a familiar voice on this program, financial advisor and napkin artist Carl Richards of Buckingham Asset Management.

A prominent teaching of the Mormon Church is "provident living." One of the goals of provident living is to achieve self-reliance -- financial and spritual -- which in turn frees church members to help others achieve self-reliance. Church members are required to give a 10-percent tithing, which contributes to church operations. There are many opportunities for Mormons to help support the local and global communities -- things such as a "perpetual education" fund, fast offerings.

"There is a spiritual, sort of, guarantee that you obtain from that, where if you are obedient, then you receive a blessing," Robin Robinson said. "So even if you don't make a lot of money, if you are donating that 10 percent, which is what the Lord has asked of us -- then you have the Lord's promise that he will help you when time are difficult."

Learn more about the Mormon Church's philosophies regarding money, giving, saving and spending by listening to the interview above.

About the author

Tess Vigeland is the host of Marketplace Money, where she takes a deep dive into why we do what we do with our money.

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